San Francisco Real Estate Summer Doldrums Ending, Lake Merced Homes More Popular, Surfing Ocean Beach Still Off Limits To Most

Below is an excerpt from the San Francisco Market Focus Report published by the San Francisco Association of Realtors.

Despite Seasonal Summer Slowdown, SF Housing Market Continues to Show Strength as Pending Sales Rise

With many buyers, sellers, and agents away on vacation at this time of the year, the San Francisco housing market is experiencing normal patterns of slowing down, resulting in lower inventory and less activity throughout the city.

Regardless, there have been pockets of movement and market conditions are expected to pick up in late August and throughout September as many people return from their holiday. In addition, it is likely that more distressed properties will come onto the market as banks sort out and finalize their paperwork.

Single-Family Homes
Year-over-year, the number of single-family home sales under contract in July rose by 29.6 percent citywide. Since the start of 2011, it has soared by 73 percent throughout the city. For properties priced below $700,000, the months of supply inventory dropped by 54.6 percent to a reading of 1.8 months. For properties priced between $700,000 and $1.2 million, the months of supply inventory fell by 22.6 percent to 2.5 months.

One area of the city which has seen a spike in home sales activity is the southwest neighborhoods of Lake Merced. Since July 2010, the number of pending sales has increased from 13 to 27 properties and the number of completed transactions has jumped by 28.6 percent to a total of 18 units sold. The landscape of Lake Merced offers an abundance of recreational activities for outdoors enthusiasts, from hiking, jogging, and biking to fishing and golfing. [Surfing is not recommended.] Real estate here ranges from upscale properties in the Pine Lake Park neighborhood to more mid-priced homes in Merced Heights…Read More.

Market Focus Report August 2011 [San Francisco Association of Realtors]

43 & 56 Forest View Drive: a reader’s report

This sent in by a reader, Aunt Mary [edited by us, with pictures and MLS links]:

56 Forest View Drive:

I just found out that my neighbors up the street were able to sell

their home after only 2, maybe 3, weeks on the market.


Our neighbors were a lovely couple who, while living in the house, remodelled their home over the last 2 1/2 years with the intention of staying put (not flipping the property). But an out-of-state job offer was too good to pass up so they decided to sell. If I had the money I would’ve made an offer. The house was lovely. 90% of the furniture and accent pieces actually belonged to the owners (so no full on staging was done). I think it sold for $1.21M [yes it did.]

43 Forest View Drive:

Right across the street from #56 is this property. It was flipped and the quality and workmanship was lacking (even by flipping standards) [agreed, and purchased in Nov, 2006 for $805,000].


I think this home went on the market in February [yes, for $988,000]. The

bathrooms and kitchen were not quite done at the first open house and the old washer and dryer (from the 1970’s I think) were still there (no new machines included). The “bedroom” downstairs, although done with permits, could hardly fit much more than a full sized bed. I don’t know if #43 has sold [nope…expired in June at $975,000], but the “For Sale” sign on the (now brown grass) lawn is gone and there’s no evidence of new owners yet. Both homes had an asking price of just under $1M. [#43 was $988,000, #56 was $998,000.] (Although #43 increased and then lowered the price a couple times and switched agents once too) [we won’t even get into that].

If the MLS photos are still there, you could see why the former sold so quickly and the latter home sat as long as it has. Seems like a perfect example of doing everything right versus everything wrong for a successful sale. [We would agree…anyone else?]

56 Forest View Drive [mls]

43 Forest View Drive [mls]

A Tale of Two Districts [theFrontSteps]